OBJECTIVE, UNBIASED AND ALTOGETHER HELPFUL
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In 1990, a time when the Japanese yen was quite strong compared with the U.S. dollar, Japanese businessmen began buying up iconic U.S. properties such as Rockefeller Center and, yikes, Pebble Beach Golf Links. If it weren't for a Japanese banking crisis and economy that plummeted later in the ‘90s, sushi and sake could be on the menu today at the 19th hole at Pebble (not that we don't love both).
Here we are in 2007 with a banking crisis of our own and a dollar that is in the dumper. As the famed student of malapropism, Yogi Berra, once said, "it is déjà vu all over again"...only worse. The dollar is in free fall, oil prices are going in the opposite direction, the housing market is a total mess and foreign investors, more and more, are holders of U.S. debt. Even the Canadian and U.S. dollars are now at parity. How woulda thunk it?
This may be great news for the U.S. trade deficit, but American chauvinists will start to rebel at
Is there no price at which, say, Augusta National could be sold?
Photo from YourGolfTravel.com
Rees Jones gives you many angles from the tee box to the par 3 8th green on the Calibogue Course at Haig Point, but the marsh intrudes on all of them.
One of our favorite golf courses, the Rees Jones 27-hole layout at Haig Point on Daufuskie Island, SC, has been closed for the last few months. It is undergoing a rehab that is part of a $5.5 million overall improvement plan for the community's amenities. Club members voted as well to upgrade their oceanfront meeting and dining facility and the ferry system that is the community's lifeblood.
Daufuskie is a true island that cannot be reached by roadway. Its blessings are mixed, to be sure. On the plus side is the peace, quiet, lack of cars and resulting pollution, and next to no commercial ventures. It is a beautiful and restorative place. On the other side, housing costs can be frightfully expensive because everything - labor and materials - must be shipped in to build a house. And although membership in the golf club, a $60,000 value, is typically free with the purchase of a home, dues are as high as anywhere else, somewhere in the $13,000 annual range (and that doesn't include any assessments arising from the current improvements).
We just received notice of a listing of a nice home in Haig Point with views of the golf course and Calibogue Sound. It includes four bedrooms and 3 ½ baths over 3,200 square feet, and the new oceanfront club is a short walk away. It is priced at $1.2 million. The owner is also kicking in a flooring allowance to update carpets and tile. Based on the listings we see, this home is more or less in the middle of the market in the community.
Haig Point residents are a breed apart, literally and figuratively, and not just because they have the resources for expensive island living. They have made some special accommodations for the
After I reported here a few days ago about some people's dopey proclivities to wring every last dollar out of their homes [see "Life Imitates Art..." ], the Wall Street Journal's helpful columnist Jonathan Clements wrote a column today (Wednesday) that corroborates my own take. In the article titled "Dump This House: Unloading Your Property in a Slow Market, " Mr. Clements quotes financial adviser Bert Whitehead, author of "Why Smart People Do Stupid Things with Money."
"People focus on what their home was worth two years ago, or how much they've sunk into it...", said Mr. Whitehead. "If you really want to sell your house, you have to cut deep."
Mr. Whitehead is a nicer guy than I am. Recounting an animated conversation I had with my wife on the subject of unrealistic pricing of a home, I wrote here a week ago that "people who hold out for the last dollar in this real estate market are idiots."
Chris Mayer, director of Columbia's Millstein Center for Real Estate, piled on. "If you price your house like everybody else, it might take 10 months to sell it," he said in the Journal article, adding that, "The best scenario is that prices fall through the spring and then stabilize. But I'm more pessimistic than that. I would sell now."
Mr. Mayer too is a nicer guy than I am. I wrote here, with some emotion since I was arguing with my wife, that people who are able to sell now but don't "are losing buying power every month. They are sabotaging their dream [of moving south] by treating [a sale] as anything but a business transaction. THEY'RE IDIOTS."
Well, at least the Wall Street Journal agrees with me.
Note: The Journal article is available here. Access may require a subscription, but if you can't access a copy, just send me a note via the contact button above and I will forward one to you.
A dust up between a builder and condo owner near our home in Greater Hartford, CT, reminds us that few things in real estate should be taken for granted.
According to the Hartford Courant's Consumer Watchdog column, Mike Tedford bought an upscale condo in West Hartford from Konover Properties, a major local developer, which was advertised at 1,639 square feet. But when Tedford actually took the measure of the place, he found he only had 1,545 square feet. He was short 100 feet, or the equivalent of a small room.
Tedford claims he overpaid for his unit by about $20,000 since he was calculating a price based on $255 per square foot. Konover, for its part, thinks Tedford is trying to wangle an unfair rebate from them.
"It's almost extortion," said a Konover vice president of Tedford's complaints.
Although we have never heard of any developer advertising anything but livable square feet, no party to the dispute has yet to claim the law is on one side or the other (sounds like blind justice). The best the local building inspector could say is that he had never heard of anyone using the Konover method of measurement.
"You are buying living space," he said, "not insulation."
Konover may not lose any legal battle - Tedford has gotten his deposit back for the unit - but the bad PR could not come at a worse time for the firm. Today, voters in the nearby town of Simsbury are going to the polls to consider whether to enfranchise a newly invented party whose candidates pledge more rational development of the town's remaining space. The race is predicted to be close.
Specifically at issue is whether current town officials have been too lax (and, perhaps, colluding) with a developer who wants to build a "big box" Target department store on a verdant piece of property just across the street from a residential development. The possibility of increased traffic, reduced property values, and the loss of small-town charm has enflamed local opinion. If the new party wins, it is almost a sure thing the developer will lose.
The developer, you may have guessed, is Konover. And its fortunes could turn on a lousy 100 square feet.

The Hummingbird Inn may seem as if it is in the middle of nowhere, but some excellent golf is within 40 minutes.
A golf vacation shouldn't just be about the golf course. The pre- and post-round activities are an important ingredient to the total golf package. Then there is the lodging. When you are with a group of the guys, the place you stay almost seems irrelevant (especially if one of your buddies made the arrangements). Just make sure there are enough beds for everyone, a good-sized living/dining room for watching television or playing cards, and a refrigerator large enough to hold a case or two of beer. (Yes, I know, I am engaging in stereotypes, but that doesn't mean I'm wrong.)
When I travel alone or with family, I prefer a more genteel approach, the bed and breakfast accommodation. Our readers in the UK and elsewhere will know these as "inns" in which the proprietors, typically a husband and wife, but not always, live in one corner of the house and rent out rooms to visitors.
conveniences. The last two I have stayed in offered wireless internet connections throughout most of the house and scores of stations on the cable TV in the common room.
of a switch for a little extra heat, a rocking chair, nice chest of drawers, a bathroom with combo whirlpool and shower, and pictures of former President Franklin Roosevelt (thus the name of the room). One was a framed cover of LIFE magazine circa 1949 showing a two-year old Roosevelt in a girl's dress.
I slept wonderfully in the firm queen bed in spite of the image of a former President in a dress, the too-soft pillows and the freight train that rumbled through the front yard during the night, about which my wife informed me in the morning. That is another thing about B&Bs; they have their charming idiosyncrasies, and a working rail line not 10 yards from the front door was the Hummingbird's.
Some B&Bs feel as if they are in the middle of no place, even when they aren't. (I define "no place" as an hour from decent restaurants, shopping, and the like). Goshen certainly feels that way, and with good reason. The town lost its one and only restaurant last summer, and the single place in town to purchase any prepared food at all - a warmed-up pizza, really - is the local gas station. When you leave the Hummingbird in the morning, don't come back until after dinnertime. Except for some breathtaking Shenandoah Valley scenery down Route 39 along the Goshen Pass, the town has little magnetism.
I didn't play golf during my wife's and my three-night stay at the Hummingbird, but I could have. Vista Links (Buena Vista) and Lexington Golf Club (Lexington), both previously reviewed here, and the renowned Cascades courses at The Homestead in West Virginia, are within 40 minutes. If golf had been on my mind, I would have gladly traded the resort convenience of a walk or shuttle to the first tee for the soothing effect of The Hummingbird Inn. Soothing is good for the soul, as well as the golf game.
The Hummingbird Inn is located at 30 Wood Lane, Goshen, VA, about 30 minutes from Lexington and 40 minutes from Hot Springs, WV. Proprietors: Pam & Dick Matthews. Telephone: 800-397-3214. Five rooms, all with private bath. Rates: $130 to $175 per night. Web site: HummingbirdInn.com. There are other B&Bs in the area, some within minutes of the aforementioned golf courses. Check out InnVirginia.com for a list of them.
Vista Links in Buena Vista, VA, is one of a half dozen courses within 40 minutes of the Hummingbird.

The golf and ski oriented Wintergreen Resort, and its excellent Rees Jones and Ellis Maples layouts, is about 25 miles from Osceola Mill.
Innkeepers who seem genuinely happy to see you have a leg up before they start serving you. If they seem hungry for your business, chances are you won't go hungry by the end of the dinner they serve you.
That was precisely the reception and experience we had last Saturday at the Osceola Mill Inn in Steele's Tavern, VA. Kim Daly, the chef and co-owner with her husband Kevin, greeted us warmly at the door. We learned in short order that the Dalys are originally from up north - she from Long Island, he from New Jersey - and that they purchased the inn only recently after selling another Virginia inn near the West Virginia border.
"It was a little too remote," said Kevin of the former establishment. Osceola, which feels as if it too is out in the wilderness, is just 2 ½ miles from Interstate 81, making it a potential great stopping point for folks traveling the north-south route to Florida. It is also within 40 minutes of some excellent golf, including the Wintergreen Resort (36 holes), Country Club of Staunton,
Vista Links and the Lexington Golf and Country Club.
The food that emerged from Kim's kitchen was very good, and a few things were outstanding. For those who don't take bread for granted, Osceola will impress. The rolls were hard crusty on the outside, with a soft surprise inside - a few subtly scented olives. The accompanying olive oil dip had a nice balance between the pungency of the oil and the bite of a liberal dose of salt and pepper. Once we devoured the first three rolls, we were asked if we wanted a refill; we did, and the next group were seeded on the outside, but still hard crusted out and soft inside, with a slight hint of anise. I could have gone for round three, but prudence - and a warning look from my wife -- won out.
Our shared appetizer of bacon-wrapped shrimp and scallops was not the customary cliche. The two large shrimp and two large scallops were bathed in a pleasant garlic-infused oil, the bacon of the slab variety and thankfully not tooth-picked to the shellfish. It was a warm way to start the dinner although next time I might opt for the baked brie with raspberry sauce or the crab stuffed mushrooms (especially if the crab is as generous as it was in the soup; see immediately below).
The soups were memorable, both the crab bisque and lobster bisques loaded with meat, creamy but not thick with too much flour as happens so often. The taste of the shellfish came blasting through. I'll be hard pressed to consider the cream of potato & leek soup next time if the bisques are being served.
Having tested the kitchen's ability with fish, we moved on to land-based entrees, my son opting for the rack of lamb, my wife for the veal oscar and me for yet another cliché, veal cordon bleu. The lamb rack was split into chops that were not dainty in the least, closer to lamb chops than riblets in size, and were cooked perfectly to order, medium rare. Although Tim, an always-hungry teenager, would have liked one or two more ribs on top of the four served, it looked like enough to me, and he thought the lamb had great flavor and was only slightly chewy, the way it should be.
My wife's veal scallopine was pounded perfectly thin and bathed in a nice sauce with just a hint of lemon, very tender. The accompanying South African lobster tail, undoubtedly previously frozen since South Africa is a long way from Steele's Tavern, could have had a little more chew to it and seemed a little salty to my taste. Still, it complimented well the veal and its lemon-cream sauce.
My veal cordon bleu was well prepared, with one minor shortcoming. It could have stood another 30 seconds of heat; the ham and cheese innards, which were well contained in a crusted exterior of tender veal, had not quite reached the hot state, preventing a nice ooze to the cheese. The combination, though, was quite tasty, but in the manner of a good ham a cheese sandwich. All of us were quite pleased with the entrees' accompaniments, three large stalks of excellent asparagus and roasted potatoes that mirrored the bread in consistency - hard exteriors and soft insides.
The restaurant offers a unique touch in that you choose one of the salads from the a la carte menu to accompany your entrée (they are priced at $4.95 each if you were to order them separately). One featured mixed greens with strawberries, mandarin oranges and candied pecans with a poppy seed dressing; the other was a spinach and arugula with tomato, aged parmigiano cheese and a reggiano cheese and tarragon vinaigrette. They were excellent, and it was nice to have choices beyond the customary mixed or Caesar.
In a rush to get back to campus for my son's wind ensemble concert, we passed regrettably on the range of desserts which were written on a blackboard. Most were in the category of familiar, like crème brulee and bread pudding, but the raspberry and blackberry tart caught my eye. Service was professional and friendly, and the prices were more than reasonable for this kind of quality. Entrees range from just $12.95 for a pasta dish to the mid $20s for main dishes that feature steak or lobster tail. Appetizers are well under $10 each, and the soups, at under $4, are a special bargain. The wine list is rather modest in size, with a number of unfamiliar vintages, but the prices were modest as well. We were quite satisfied with our bottle of Gruet blancs de noir at just $24. Gruet is a New Mexico bottler of faux-champagne, and we found the fruity bubbly a nice accompaniment for our veal dishes.
The Daiys have owned the 160-year-old inn for only a few months. They are smart - and practical - to start with dinner only two nights a week, especially in view of Kim's full-time job as a nurse and the challenge of running the bed and breakfast part of the operation. They have the pluck and enthusiasm to do both, and we expect once they work out the kinks and start the marketing machine, they might be able to expand operations. The combination of convenience to I-81 and some good mountain golf courses nearby, as well as their caring and professional service and cooking, could win over golfers and other travellers.
The Osceola Mill, Steele's Tavern, VA. Tel: 540-377-6455. Web site: OsceolaMill.com. Rooms: $110 to $200 per night, including breakfast. Dinner (Friday & Saturday only, reservations encouraged): Entrees $12.95 to $27.95. Nearby golf courses, all in Virginia and within 40 minutes: Wintergreen Resort, Nellysford; Country Club of Staunton, Staunton; Vista Links, Buena Vista; and Lexington Country Club, Lexington. We have mentioned all but Staunton on this site; use the search function above left for more info.